Foresight News reports that Hong Kong Customs has today uncovered a case involving money laundering suspected of using smuggled cash and virtual assets, with an amount involved of approximately 1.15 billion HKD, and has arrested a local man and a non-local man.
Hong Kong Customs personnel identified a 37-year-old local man and a 50-year-old non-local man and initiated a wealth investigation, discovering that the two smuggled cash out of the country and frequently and rapidly conducted large transactions of stablecoins and fiat currency with funds of unknown origin, which is highly inconsistent with their backgrounds and financial status, suspected of engaging in money laundering activities. During the operation, Customs officials seized a batch of suspected items involved in the case, including mobile phones, tablets, and bank cards. The case is still under investigation, and the two arrested individuals are currently out on bail pending further investigation, with the possibility of more arrests not ruled out.
